Energy Daily Brief

Energy Daily Brief — 28 October 2026

Oil rebounds on renewed attacks against Saudi Arabia and a fire near Ras Tanura, while Aramco restores European supply at a discount; Russia shifts barrels from crude exports to diesel, US crude stocks keep falling and Europe counts the cost of the war in its gas bill.

· 7 stories · Alupetra

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01 #SaudiArabia #Brent #OilPrices #MiddleEast

Oil climbs again as Houthi attacks on Saudi Arabia revive supply fears

Oil rose in early Asian trading on Wednesday after fresh Houthi attacks on Saudi Arabia, with Brent futures at $115.70 per barrel, up 1.62%, and WTI up 1.34% at $101.20. The move reversed a drop of nearly $2 on Tuesday that had followed hopes for talks involving Saudi, Turkish, Pakistani and Iranian officials. The Houthis said they had hit Ras Tanura's 550,000 bpd refinery with a ballistic missile, a claim Saudi authorities had not confirmed. Saudi officials said three ballistic missiles aimed at the Eastern Province, four drones heading for the south and two missiles targeting Riyadh were intercepted.

Why it matters: Attacks on the kingdom's eastern export complex keep a risk premium in Gulf crude and in tanker insurance even when physical damage is limited.

Sources: OilPrice.com

02 #SaudiArabia #OilExports #Tankers #EnergySecurity

Aramco contains fire near Ras Tanura, its biggest export terminal

Saudi Arabia contained a fire near the Ras Tanura oil export terminal on the Gulf coast following an attack in the region, according to a person familiar with the matter cited by Bloomberg. The blaze broke out in the early hours of Tuesday near facilities operated by Saudi Aramco, and the extent of the damage was not immediately clear. Aramco and the Energy Ministry did not immediately comment. Ras Tanura, in the east of the kingdom, hosts tanker-loading facilities, the country's biggest refinery and a large tank farm, and Saudi infrastructure has faced repeated Houthi attacks in recent weeks.

Why it matters: Ras Tanura is the loading point for much of the kingdom's Gulf-side exports, so any disruption there affects laycans, demurrage and freight for Asian buyers.

Sources: Rigzone

03 #SaudiArabia #OSP #Europe #CrudeOil

Aramco offers Europe discounted spot cargoes as East-West pipeline restarts

Weeks after telling European refiners that their October contract volumes would not be delivered because an attack had closed the East-West pipeline, Aramco is now selling them extra crude for October and November loading. Late-October spot cargoes went out below the official selling price from Yanbu on the Red Sea and Sidi Kerir in Egypt, November spot cargoes followed, and buyers have been promised full contracted November volumes. Saudi Arabia usually sends 700,000 to 800,000 bpd to Europe. Traders told Bloomberg the extra barrels have already lowered prices for some European grades; Saudi output rose by about a third in September to above 8 million bpd.

Why it matters: Discounted Saudi spot barrels into the Mediterranean weigh on differentials for competing light and medium sour grades and ease the squeeze on European refiners.

Sources: OilPrice.com

04 #Russia #Diesel #OilExports #Sanctions

Russian crude exports set to fall in November as refiners turn to diesel

Preliminary loading schedules cited by Reuters point to a drop of up to 200,000 bpd in crude shipments from Russia's western ports in November, as refineries process more crude into diesel under the new Moscow-Washington arrangement. Two traders expect Baltic and Black Sea loadings to be 100,000 to 200,000 bpd lower than in October, a figure that includes Kazakh barrels moving through Russian pipelines. Moscow has granted new diesel export quotas while Washington has relaxed sanctions on Russian fuel sales. Seaborne crude exports averaged 3.59 million bpd in the four weeks to October 18; OPEC secondary-source figures put September output at 8.64 million bpd, the weakest in over six years.

Why it matters: Fewer Urals barrels and more Russian diesel change the balance for Mediterranean and Turkish refiners and for the distillate market that has been short all year.

Sources: OilPrice.com

05 #Inventories #SPR #UnitedStates #WTI

US crude stocks fall again as SPR keeps supplying the market

American Petroleum Institute data show a 2.031-million-barrel decline in US crude inventories for the week to October 23, following a 4.93-million-barrel draw the previous week. Over 28 weeks, commercial stocks outside the SPR are down by more than 58 million barrels, yet they sit only about 7 million barrels under their level at the start of the year because the strategic reserve has been releasing oil. Another 100,000 barrels left the SPR in the week, leaving it at 282.6 million barrels. Gasoline stocks grew by 2.39 million barrels, and output for the week to October 16 eased to 13.269 million bpd.

Why it matters: Steady draws with the reserve near its operational floor leave less cushion for the next supply shock and support WTI relative to Brent.

Sources: OilPrice.com

06 #EuropeGas #LNG #GasStorage #EnergySecurity

EU watchdog: war has added tens of billions to Europe's gas bill

According to Natural Gas Intelligence, the EU's energy watchdog said on Tuesday that the conflict with Iran has cost the bloc tens of billions of dollars in extra gas import spending, pushed it to depend more heavily on US LNG and left European storage at its lowest level in years.

Why it matters: Low storage going into winter keeps European buyers competing with Asia for spot LNG cargoes and keeps TTF-linked fertiliser and power costs high.

Sources: Natural Gas Intelligence

07 #LNG #HenryHub #NaturalGas #UnitedStates

Freeport LNG feedgas stays sharply reduced, cutting US gas demand

Gas deliveries to the Freeport LNG export plant on the Texas Gulf Coast remained sharply curtailed on Tuesday after nearly halting on Monday, shrinking a major outlet for regional supply, Natural Gas Intelligence reported. Interstate feedgas to the plant was near zero on Monday and Gulf South cut Tuesday nominations intraday, while deliveries to the Plaquemines and Golden Pass plants increased.

Why it matters: An outage at a large US export plant trims LNG supply available to Europe and Asia at the same time as it softens Henry Hub.

Sources: Natural Gas Intelligence

Summaries are written by Alupetra, with the help of automated tools, from the reports linked; they are for information only and are not investment advice. Images are illustrative and come from our licensed library.

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